ABS

  • SF co-heads appointed

    ING Americas has appointed Bill James and Pieter Puijpe as co-heads of structured finance Americas. They take over from Chuck O'Neil, who retired in July.

    Both James and Puijpe will report to Rudolf Molkenboer, ceo of ING Americas, and Krista Baetens, global head of the specialised financing group. They will be on the ING Capital board and will be members of the .......

    Job Swaps 16 September 2015

  • Capital markets group adds three

    Wilmington Trust has expanded its global capital markets structured finance group with three new hires. Rick D'Emilia has been hired as business development officer, Ben Jordan as head of transaction management and Steve O'Neal as asset servicing manager.

    D'Emilia will seek to develop new client relationships, while maintaining existing relationships in the structured finance industry. Prior to joining Wilmington Trust, D'Emilia was .......

    Job Swaps 16 September 2015

  • Euro secondary lull continues

    The European securitisation secondary market's summer lull has morphed into a September one with liquidity still very thin across the board.

    "There's still very little going on other than a few BWICs," says one trader. "For September it's bad and we can't even blame the summer anymore."

    The trader continues: "What little secondary activity there's been has focused around prime .......

    SCIWire 16 September 2015

  • Marketplace reps and warranties assessed

    The issue of representations and warranties for marketplace lending ABS should not be considered alone in a transaction's ratability, suggests Morningstar. The agency adds that positive originator and servicer operational assessments, coupled with robust credit enhancement can help mitigate concerns over the strength of reps and warranties.

    Approximately 250 marketplace lenders are in operation, but securitisation of loans originated through these .......

    News Round-up 15 September 2015

  • ILS vehicle launched

    Hiscox Re has launched Cardinal Re, a Bermuda-based special purpose insurer designed to transform collateralised insurance and reinsurance risk into securities suited for capital market investors. The launch  takes parent company Kiskadee Investment Managers' AUM to over US$600m.

    Cardinal Re is a platform that will attempt to quickly create sidecars and managed accounts in a segregated cell. The first external .......

    Job Swaps 15 September 2015

  • Risk analytics pro recruited

    Yaacov Mutnikas has been appointed as co-head of Markit's solutions division focusing on risk analytics, portfolio management and enterprise data management solutions. He will report to ceo Lance Uggla.

    Mutnikas was previously senior advisor at the Bank of England, where he focused on financial networks and systemic risk. He has over 30 years of experience across software engineering, systems architecture, .......

    Job Swaps 15 September 2015

  • Euro ABS/MBS keeps BWIC focus

    The European ABS/MBS secondary market is continuing to revolve around BWICs

    "We've been fairly busy with a quite a few BWICs going through last week and this," says one trader. "Most seem to have traded reasonably well even though the macro backdrop remains challenging."

    The trader continues: "As with other markets we've softened a little but paper is still going .......

    SCIWire 15 September 2015

  • SLABS clean-up calls continue

    Navient has exercised it 10% call option on four more FFELP student loan ABS trusts, following its decision to call three trusts last month (SCI 11 August). US$636m of outstanding bonds across the four trusts - SLM Student Loan Trust 2004-6, 2004-9, 2005-1 and 2005-2 - will be repaid on 26 October.

    Navient has repaid US$1.1bn so far this year across .......

    News Round-up 14 September 2015

  • US, European issuance forecast

    S&P projects that US securitisation issuance levels for 2015 and 2016 will experience moderate year-over-year growth, but will not reach the pre-crisis levels of 2006 and 2007. The agency forecasts issuance of US$474bn and US$537bn in 2015 and 2016 respectively, up from a total of US$462bn in 2014.

    "Although many securitisation products are benefiting from an improving economy and are likely to see increased issuance, .......

    News Round-up 14 September 2015

  • Euro secondary stays stable

    The European securitisation secondary market closed out Friday fairly quietly but with spreads still appearing stable after a mixed week.

    Transparency was hampered by a higher than normal proportion of DNTs or colour not released on BWICs, but overall market tone remains positive and secondary spreads are broadly unchanged at this morning's open. CLOs and prime ABS/MBS continue to be the main .......

    SCIWire 14 September 2015

  • Madden impact put to test

    The recent Madden Ruling by the US Court of Appeals for the Second Circuit could have a limited, but negative, credit impact on Moody's-rated securitisations backed by bank-originated consumer marketplace lending loans. The ruling holds that non-bank debt collectors that purchase written-off credit card accounts from a bank cannot benefit from the bank's federal pre-emption of state usury laws (SCI .......

    News Round-up 11 September 2015

  • Mobile carriers tapping into ABS

    US mobile carriers are boosting their liquidity by tapping into account receivable securitisation to finance equipment instalment plans, reports Moody's. The agency notes that these facilities bolster the reported results of mobile carriers because the cash proceeds from the securitised receivables are reported as operating cashflow.

    As a result of the net proceeds, AT&T and Verizon both reported higher free cashflow .......

    News Round-up 11 September 2015

  • Marketplace lending ABS on the up

    US marketplace lenders are increasingly looking at ABS as a viable funding source, according to Fitch. Nonetheless, key challenges need to be addressed before the product moves into the mainstream.

    Fitch says the rising popularity of marketplace lending among consumers and small businesses is due to the ability of marketplace lenders to connect with their customers directly. Borrowers in turn find .......

    News Round-up 11 September 2015

  • Reinsurer hires for ILS push

    Sequant Re has hired Victor Baillargeon as chief underwriting officer. He is tasked with leading the development of the firm's underwriting strategies as the company pushes to provide greater access for investors to ILS.

    Baillargeon's expertise includes the casualty and specialty lines of business. The company plans to use his presence as a support for its strategy of building customised and diversified ILS .......

    Job Swaps 11 September 2015

  • Non-cat ILS vehicle launched

    Vario Partners and Guy Carpenter have teamed up to form a new ILS investment vehicle and fund that focuses on non-catastrophe products. Vario Global Capital has been established to serve long-term investor interest specifically in the insurance risks of property and casualty insurers.

    The joint venture will function on a combination of Vario Partner's portfolio modelling technology and analytical expertise and Guy .......

    Job Swaps 10 September 2015

  • CATCo assets sold

    Markel is set to acquire CATCo Investment Management's assets in a deal that is expected to close in 4Q15. The new business will operate under the name Markel CATCo Investment Management and will see the transition of the existing CATCo management team, led by ceo Tony Belisle, into commensurate roles for the new firm.

    The management team will operate the business .......

    Job Swaps 10 September 2015

  • SF practice recruits trio

    Schulte Roth & Zabel has expanded its structured finance practice by adding Boris Ziser and Thomas Weinberger as partners. The law firm has also brought in Stephen Schauder as an associate.

    Ziser will co-head the firm's structured finance and derivatives group, with his experience ranging across ABS, warehouse facilities, secured financings and commercial paper conduits. His practice encompasses a variety of asset .......

    Job Swaps 10 September 2015

  • UK card ABS remains strong

    The collateral performance of UK credit card ABS has remained strong in 1H15, according to S&P. A favourable UK macroeconomic environment has resulted in low delinquencies and charge-offs, while payment and yield rates have been fairly steady from quarter to quarter.

    Charge-off rates were fairly low and stable at 3.03% at the end of 1Q15 and 3.04% at the end .......

    News Round-up 9 September 2015

  • Revolving deal sets China precedent

    Revolving structures can help Chinese banks securitise SME loans because they resolve the mismatch between the short tenor of the underlying loans and the long-term maturity of the securitisation scheme, says Moody's. The agency believes that the recent launch of the first securitisation with such a structure in the interbank bond market may have set a precedent for future transactions to follow.

    News Round-up 8 September 2015

  • SME lending deal boosted

    Prospa has brought to the market the first Australian securitisation of unsecured, online business loans. The firm secured A$60m in capital as proceeds to help both fund the loans to Australian SMEs and support Prospa's expansion in the local financial technology market, making it the largest capital raising to date by an Australian online lender.

    The co-investment is led by Carlyle Group, which .......

    News Round-up 8 September 2015

  • Aussie auto loss rise anticipated

    Fitch expects Australian auto portfolio losses to increase over coming quarters as rising unemployment and delinquencies converge by year end. This follows higher recorded auto arrears in 2Q15, with 60 plus days and 30 plus days arrears reaching 0.56% and 1.34% respectively - an increase of 7bp and 9bp over the quarter.

    The annualised loss rate remained almost unchanged at 0.6% though, .......

    News Round-up 7 September 2015
×